INDIANAPOLIS, May 8, 2019 /PRNewswire/ -- Simon, a global
leader in premier shopping, dining, entertainment and mixed-use
destinations, has received notice of an unsolicited "mini-tender"
offer by Peer & Peri LLC to purchase up to 20,000 shares of
Simon's common stock. Peer & Peri's offer price of
$140.00 per share is approximately
21% lower than the $178.11 closing
price of Simon's shares on May 6,
2019, the date of the commencement of the offer.
Simon is not affiliated in any way with Peer & Peri, the
offer, or the offer documentation. However, the rules and
regulations of the Securities Exchange Act of 1934 require Simon to
publicize its position with respect to the offer. Simon
recommends against shareholders tendering shares in response
to the offer, as the offer price was significantly below the market
price of Simon's stock as of the commencement of the offer, and is
also significantly below yesterday's closing price of $174.03.
The offer also does not provide investors with the same level of
protections under U.S. federal securities laws as provided by
larger tender offers. Mini-tender offers seek to acquire less
than five percent of a company's outstanding shares, thereby
avoiding many disclosure and procedural requirements under U.S.
federal securities laws and the rules and regulations of the U.S.
Securities and Exchange Commission (SEC). The SEC has
cautioned investors about mini-tender offers, noting that they
"have been increasingly used to catch investors off guard" and that
many investors who hear about mini-tender offers "surrender their
securities without investigating the offer, assuming that the price
offered includes the premium usually present in larger, traditional
tender offers." The SEC's tips for investors regarding
mini-tender offers may be found at
http://www.sec.gov/investor/pubs/minitend.htm.
Simon urges shareholders to obtain current market quotations for
their shares of common stock, review the conditions of the offer,
consult with their financial advisors, and exercise caution with
respect to the offer. Shareholders who have already tendered
their shares may withdraw their shares prior to the expiration of
the offer by providing notice in the manner described in Peer &
Peri's Offer to Purchase and Letter of Transmittal. According
to the offer documents, the offer is currently scheduled to expire
at 5:00 p.m., Eastern Time, on
June 6, 2019.
Simon requests that a copy of this news release be included with
all distributions of materials relating to Peer & Peri's
offer.
About Simon
Simon is a global leader in the ownership of premier shopping,
dining, entertainment and mixed-use destinations and an S&P 100
company (Simon Property Group, NYSE:SPG). Our properties across
North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual sales.
For more information, visit simon.com.
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SOURCE Simon